I have observed there are two major variations of the CAF badge with the free floating crown for the forage (peaked cap), with motto, used in the 1920-1924 era and either referred to as the “2nd issue” (with motto) or “Type 2”. The changes are small and subtle which perhaps explain why these two variations haven’t been reported before now (to my knowledge). Since neither show evidence of having a Maker’s Mark, it is difficult to definitively associate a specific manufacturer to each of these examples. It is possible that there was more than one maker but it is also possible that a single maker simply used two die sets. It is known that Caron Bros made some of the pilot wings in this series and that Scully did the buttons for the CAF uniform.

Perhaps the Maple Leaf is easiest way to distinguish between the two; note where the stem joins the banner.

So check your stash of these cap badges and let the Forum know which variant you have!

I'll submit an article to the MCCoC (Military Collectors Club of Canada) with more details in the coming months.

Hi Mike:
It is silver but recently polished and quite reflective. You are correct, it is a photographic issue. It's very hard to take decent pictures of recently cleaned, polished silver. It's also interesting that to the naked eye, they aren't that different in real life. I'll attach a couple photos of the 2nd one that might be a bit more realistic.
Thanks for asking; a fair question.